2. Declaration by Property/Insurance Agents

As an agent earning commission, your income will not be auto-included in your assessment.

You have to declare your commission under "Trade, Business, Profession or Vocation". As you are providing a service, your Revenue is equal to your Gross Profit. Your Adjusted Profit is equal to Revenue/Gross Profit minus Allowable Business Expenses.

Pre-filling of Commission Information:

If your company is participating in the e-Submission of Commission, your commission information will be pre-filled in the electronic tax returns. You will just need to log in to check the pre-filled commission income and submit your return.

You can amend the pre-filled commission income in the “Revenue” field (e.g. to include any
additional commission), enter your claim for business expenses incurred in the
“Allowable Business Expenses” field, and proceed with your tax filing.

6. Claim for Partner's Expenses in Form B

You should only claim the partner’s expenses incurred wholly and exclusively in the production of your partnership income, provided you have not claimed against the partnership’s income in the Form P or your other income.

Examples of Allowable Expenses:

Interest expenses on monies borrowed to invest in partnership

Subscription to professional bodies not reimbursed by the partnership business

Public transport for business purposes (e.g. taxi fare) not reimbursed by the partnership business

Examples of Disallowable Expenses:

All expenses incurred on usage of private vehicles even if trips were for business purposes